RE: Genesis Mining Review #8: 84.035 TH/s Open-Ended Bitcoin Mining -- More Than Broke Even
Hey Mike, I am trying to figure out if my daily payout is correct - we both have hashpower in about the same ballpark. I just increased mine. Your payout is actually lower than I calc it should be. For my 91 TH BTC, I estimate earning $100 or so a day, on crytocompare calculator. However, the actual is more like $75 per day. That's a pretty big difference, is it all due to fees and electricity? Using the calculator link below, what do you think is a reasonable electric/fee setting to arrive at your daily payout? I plugged in 10,000 watts/12 cents Wh and it comes out to a daily payout that near matches the actual payout. But there must be a sliding scale of overhead that pairs to the TH level. It sure would be nice to predict these payouts w/ more accuracy, currently this is the lack of transparency I dislike the most. I'd like to find a calculator just for Genesis that is completely honest - wouldn't you?
Ok, it turns out I have an answer to my own question. I didn't think the GM maintenance fee could add up to this much, but it accounts for what seems to be 'missing'. According to GM site, [the maintenance fee is deducted from your daily mining output each day and is 0.00028 USD per Gh/s for SHA 256 hashpower.
These are the current fees for these contracts and was updated January 24 2017.] .
So, if I multiply 0.00028 USD per Gh x 1000 = cost per 1TH x 91 TH total hashing power = $25.48 a day in fees, subtracted from the approx. $100 a day the calculator shows as mining output value in bitcoin. So that is a significant chunk. It seems that all the people sharing their affiliate codes and their big win info, don't tend to share this reality, as it takes away from the luster of buying mining contracts that they would get commission on. None of the calculators really hint to this either, but very significant to what kind of income you are setting goals towards, and is equivalent to about 1500 watts/.09 cents KWh per 10 TH hashing power in cost.
Which basically means, this $25 fee can be anywhere from 25-45% of your daily income, even at 91 TH. However, my fee calc still leaves some money missing. I wonder if electric bill is still charged on top of this fee. The cryptocompare.com calculator shows I should be making $112 a day today, with price at $4370, but I will be lucky to see $75-$78 of that sent to me. So that means 30.5% is taken in fees at current BTC price, which is high, so this is probably as good as it gets. Then let's not forget the other 3-6% in transactions fees to get it to a bank card. And then the capital gains and income tax on top of it. You really get beat up, and probably lucky to see 40% of proceeds after all said and done. Am I miscalculating or overlooking something? Anybody?
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